Topic: 3 Reasons You Need to Own a Crypto Card in 2020 (Read 236 times)

I don't. I did in the past, but now I have better alternatives and I use them.
In the last year+ I've used that "card that we should not name here" 99% for Euro transactions (purchases over internet or when I've been traveling).

Not really.
I have no monthly fee for my card, I have no minimum 2.5 euros commission on ATM withdrawals, there are no conversion fees from BTC to fiat, no shady exchange price, no commission on every damn internet purchase that is outside the EU...

They are expensive, not by much but it's still enough to put you off in some cases.


I seriously don't understand how you can deal with that.
After that ATM experience in Hungary, I've avoided playing with their card that we should not name here  outside the eurozone.

The truth is that although I've used plenty of debit and credit cards, the only prepaid cards I've used are the Bitcoin cards.

I've seen companies that have monthly fee but don't charge much or at all when depositing.
I've seen companies that have no monthly fee but they cover that easily from the deposit fees.
Indeed, they are pretty close overall and I could live with this.

But then they have the Bitcoin-fiat conversion fees, which are not small. Of course, they are pretty close to the other similar exchangers' fees.
I think that since there are so many types of fees, they could easily cut 0.5% here or there.

And indeed, the last is the Forex fee, which I think they're bigger than all the other fees combined. And since I'm not in an EuroZone country this "hurts".



My bank allows me to exchange with no extra fees at central bank's official price, 1000 EUR/day into or from the national currency. (And also Revolut is close to that too.). This makes for me much cheaper to just use an established exchange.
If my bank can do this, if Revolut can do this, if TenX also advertised this, I guess that at least between certain common sense limits the forex fees could be reduced significantly. And as I said, there are also the other fees too where they can reduce a little bit (not much, as you said).

All this could make the Bitcoin cards a "must have". Now they're basically just "nice to have".

In a country where most, if not all banks, are treating any deposit coming from Bitcoin or crypto as suspicious, a crypto card is a really nice option. From where I'm coming from, it may be enough for your bank account to be frozen or even closed by merely mentioning that the funds flowing in is coming from crypto or Bitcoin. They do not honor those.

The growth of the number of shops accepting crypto payments is visibly consistent. I still have several decades left before I finally bid this world goodbye. I fervently hope that one day I won't find it hard to put something in my stomach simply because all I have in my wallet are Bitcoins.

It's incorrect. Even if the cards are 'prepaid' you have the same benefits to the traditional cards (warranty protection, purchase protection) You can, of course, initiate a chargeback, etc, since it's handled by Visa/Mastercard and not the banks. As for the rewards/cashback, well fuck that it's not interesting, the banks reward a ridiculous percentage like 1% or even less while there cashback sites paying 10%. People aren't interested in it.


People agree to pay with a higher fee compared to the benefits we have using it. It's not as if it was an outrageous 20%. Companies are new but users are used to not keep money on their account/card. They top up only when they need If they want to buy something for $100, they convert for $100 and that's it, no more no less.


The fees to use the cards are near the same as those prepaid cards that you buy IRL. It's not even a profit for the company, except maybe the FX fees)

It's useful if you don't want to receive money on your bank account coming from an exchange platform bank account or if you don't want your bank to know what you're doing or if you're in a hurry, etc, etc.
The time we will see a lot of shops accepting crypto payments, the majority of us will be dead or in hospital for seniors, so too late.

I haven't used a crypto card yet. But I think this is useful in some instances. Although this is more or less the same with a bank-based visa or mastercard, this one is like an immediate conversion from crypto to fiat. And for someone who is constantly travelling to foreign countries where it is very uncommon to find a store accepting crypto, this would be a great help for him/her to still be able to make use of his crypto for his day to day expenses.

However, I think this is just temporary. Crypto cards are useful while we are still in the transition phase. Sooner or later, when crypto stores are found everywhere, people will begin to use their smart phones instead.

I see this as an advertisement for TAP and nothing more.
Still, I don't see if TAP is legit, reliable or better than the rest.

Overall the cards are handy, but expensive. I have from other companies. Exchange fees (visible or not), top up fees, Forex fees, issuance fee, monthly fee, ..  and when one has a problem the support is not helpful enough. Again, is TAP better than this?

i don't see any reason to use "crypto cards" either, i never did. apart from all the downsides of using them such as having to pay higher fees and having less security due to the companies being new there is another important issue: they are centralized and anything that has any traces of centralization must be eliminated from bitcoin world instead of being encouraged like what OP is doing!
bitcoin and by extension cryptocurrencies were created to act as "currencies" as the name suggests. if we are only using them to convert back to fiat first then spend it through a centralized entity then there is absolutely no point in even using them in first place.

I mean at that point, just sell a certain amount of your crypto and put it in a bank account, then use a credit card and pay it off with the balance in the account. The credit card is net 30, meaning that you'd have time to sell your crypto for whatever you bought.

I'll never understand using a crypto card, you get none of the benefits of traditional credit card usage (rewards, cashback, warranty protection, purchase protection,etc) When you use one of these crypto cards you'll kinda fucked, you pay pretty high fees for them to sell your crypto (which you could do yourself) -- Seems like Tap is around .5 - 1.5 percent (much higher then Coinbase Pro, Gemini, etc) and you get no rewards, cashback, warranty protection, etc.

I think these cards are a waste.

"3 reasons why you need to own a crypto card in 2020."
It reminds me of video titles on youtube.

According to the whitepaper, Tap Card project plan to issue a token. This is not mentioned in the article .

Reasons:
1) Tap token can be used to pay transaction/exchange fees
and receive a 25% discount.
2) Stake Tap tokens for higher card level and better user
terms.
3) Monthly Tap token burning.

I guess they will issue the token before to lunch the card.
I think this is another useless token made out from nothing just to serve for a greed plan. There is no sense to put a significant amount of money to decrease the fee rate for small transactions. As well as offering 10% profit for staking Tap; this is an old way to scam users, check Yobit !

I dont really think I need a crypto card even in 2020.
Now a days almost every order or purchase goes trough webshops on the internet.
Shopping in a brick and mortar store is dying out and almost everyone is ordering online.
A Card makes me think to much about a bank as well.

Paying with your phone is normal now to and can be easily used for Bitcoin.
Something like Bitpay is already here and you dont need a card at all for that, the shop can just use Bitpay and instantly sell their Bitcoins/crypto for Fiat money, if they want.

It is more logical to me that people first actually need crypto before they have a card, why would you have a card without holding cryptocurrency?

Maybe in the future when Bitcoin is more stable and at a higher price I will think about having a Bitcoin card but now it is not necessary yet.

You said it's accepted worldwide. Can I know if I can use it in India? For your info, in India, cryptocurrency isn't banned yet but banks are not allowing cryptocurrency dealings and it's frowned upon here. No banks after RBI announcement is cooperating anymore. I would love to use one.

https://www.tap.global/card-terms


That takes care of this point, does it?
Not to mention that their card is not directly issued by them, they use Transact Payments Limited as a card issuer which is another Gibraltar based company, which was owned by Neptune International Ltd which gold sold.....

Yawn...I need to fund my card via a wire (SEPA) same as I would do with bitstamp.

Yean..nothing new.

Foreign Exchange Charge (for transaction outside of card currencies)   1.5%
Yeah right!

I had a Wirex card for a year, I absolutely see no reason to own one other than a novelty item.

In Brazil, I can sell my crypto and have the money in my bank account in less than 30 minutes (really). Ready to be spent with a debit card if it’s my wish.

P2P is also a great option since people can wire money for your transaction for free (many P2P use digital banks which are feeless, or they do from the same bank) and the money shows up in 20-30 minutes. Many people are available for these transactions with a single FB/WhatsApp message.

You pay less fees and get more value for your BTC. I don’t see a reason to have a BTC prepaid here.

It only takes a few seconds to load your debit card while it takes 2-5 days to sell your crypto to your bank account. Not to mention that selling your crypto is not as easy as it is in Europe or the U.S.

Still, it just seems like most of the people don't mind throwing crypto's main features (being your own bank, low fees, and pseudonymity) out of the window if it means they'll gain speed and convenience in return.

To be honest, I've never liked the idea of crypto-cards. I believe they just profit of people that want to seem advanced, using crypto-currencies to pay for everyday items, and their cards are essentially the same as having a special "black" card, and there is very little actual benefit.

3. Regular MasterCard/visa cards are accepted worldwide as well. This isn't really a benefit over regular, fiat currencies/cards.
2. Same point as number 3.
1. Okay, fair.

Explain to me, why everyone should pay extra fees to utilise their crypto? Why not sell it and load up your bank account. You save money (even with shitty spreads) that way.

Paying with crypto is becoming a lot more accessible, but merchants who actively accept digital assets are still relatively few and far between. So what happens when you want to flash your crypto cash on the high street? Here’s 3 reasons why you need to own a crypto card in 2020.

What is a crypto card?
Firstly, what is a crypto card? A crypto card, or crypto debit card, is a (generally) prepaid card that you can fill with crypto and then use at merchants around the world. Unfortunately, most retailers still don’t accept cryptocurrencies. Using a crypto card allows you to pay using your crypto, as opposed to fiat.

Crypto cards are becoming increasingly popular as the demand for accessibility in crypto grows. The crypto card landscape is becoming more and more crowded, which is why it’s vital that you know the true benefits that they have to offer you. Crypto cards are a fantastic product if utilized properly, that can provide a truly seamless buying experience for you - all in crypto.

https://twitter.com/tapofficial1/status/1219167741254475778

3. Accepted Worldwide
When using a crypto Prepaid Card like Tap, you can buy almost anything, anywhere. You can use your Tap Prepaid Card anywhere in the world. To make things even simpler, it’s the company’s responsibility to pay the merchant in the corresponding fiat currencies, which will be deducted from your crypto balance afterwards.

One of the major complaints about crypto is that using it in day to day life isn’t accessible, but crypto cards make it incredibly easy to spend your digital assets almost anywhere.


https://www.youtube.com/watch?v=bj-CVgnkFZM&t=6s

2. Physical and virtual
There are many different kinds of crypto cards on the market, with lots of companies now offering both physical and virtual cards. If you’re planning on only using your card for online purchases, a virtual card will probably do you just fine. However, for POS purchases, you’ll need the physical card,

An added benefit of the physical card is that you can use them at most ATMs. No need to wait to cash out your crypto anymore - just go to the ATM and withdraw your digital assets.

1. Making crypto accessible
Number 1 out of the 3 reasons you need to own a crypto card in 2020, is that they make crypto more accessible.

One of the main issues limiting mainstream adoption is the lack of accessibility in crypto. It’s still fairly unusual for merchants to accept crypto, and that drives the general population away. The fact is that most people will want to use their crypto in the same way they use fiat - at least to start. Being able to use crypto on the high street could ultimately be a driving force behind mass adoption. The more people that discover how accessible crypto actually is, the faster mainstream adoption will happen.

Realistically, crypto cards make cryptocurrency more accessible (and easier to understand) for the man in the street. Until more merchants adopt digital assets as a means of payment, crypto cards will be a necessity - and they’re already helping sort this problem out.

https://www.youtube.com/watch?v=pBMSNCkRTiw&t=101s

Crypto cards drive adoption
Out of the top 3 reasons why you need to own a crypto card in 2020, accessibility is probably the most crucial. It’s absolutely vital that we make crypto more accessible to the average person, and crypto cards like Tap, can help us reach that goal. As we move forward, it will ultimately be up to the digital asset community to help drive mainstream adoption (particularly since most governments and businesses aren’t doing much to help). Crypto can be accessible and attainable, and products like crypto cards show that.

For a truly seamless trading experience, trade Bitcoin on the Tap app and crypto card. From a single secure location, you can now buy, sell, store and send cryptocurrencies. To experience the next generation of banking, download the app today on the App Store or Google Play. Let the Tap app and crypto card do the work for you, while we tap into the future together.

https://coins.newbium.com/post/29688-3-reasons-you-need-to-own-a-crypto-card-in-2020